David Knight -Journal

Was thinking of scratching the trade but I'm considering SPX 2,483.81 could be the high today.

You shouldn't try to pick tops and bottoms
according to someone else's rules ..

So if the high stays in place I'm going to hold because it is past 11AM so probabilities, in terms of time of day, make the risk worth it.

Stop is 1pt above high
- 2485. will hold all day or a decent drop.
 
Was thinking of scratching the trade but I'm considering SPX 2,483.81 could be the high today.

You shouldn't try to pick tops and bottoms
according to someone else's rules ..

So if the high stays in place I'm going to hold because it is past 11AM so probabilities, in terms of time of day, make the risk worth it.

Stop is 1pt above high
- 2485. will hold all day or a decent drop.


Stopped no regrets 2485 -5

Runnning +18
 
The Dow has not taken out it's morning high- that is what I've been watching.

I expected SPX to creep higher because the high didn't look right to me.

It now looks like a possible high at 2,496.35..


 
It feels like the idea is to refuse to allow the gaps to fill until after options expire on fri..

Otoh.. market looks impulsive and I'm on the wrong side (short is usually wrong, like I keep sayin')

I could have scratched the trade yesterday , but unless the market really looks like making another big leg up, I'll give it some more time because it hasn't moved far enough for me to react yet.
 
Just like yesterday, the Dow looked like a possible high early on, while it took a while before SPX made it's high.

We seem to have a possible repeat situation. Dow high first @ 22,132.28

Now SPX 2,497.02 is a possible high
 
Short 2506

Stop 1 point above mon high (2508) 2509

Ideally target would be below mon low but too early to anticipate that kind of weakness (if any)
 
Short 2506

Stop 1 point above mon high (2508) 2509

Ideally target would be below mon low but too early to anticipate that kind of weakness (if any)

No commitment in adv/dec ?

Edit- gaps
 

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ADV/DECL - still 50/50

However, Dow keeps climbing

My trading idea for the day was that yesterdays high is less likely to get taken out because futures overnight did not exceed Mon cash eqv high.

Then adv/decl showed no bullish commitment
.So the Dow is the only spanner in the works- except for the fact that the market will use any excuse to go up and there is no commitment on the bear side.

But it's usually best to stick to the plan unless something screams at you not to...and it's a pretty quiet day. Or boring if you need excitement (which I don't)




 

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